India nudges lending apps to provide greater transparency, control to consumers

The Reserve Bank of India has published guidelines that it intends to enforce for digital lending firms, recommending more transparency and control to customers as the South Asian nation’s central bank moves to take further steps to crackdown on sketchy practices and creditors.
The guidelines, released Wednesday (PDF), say that lenders will not be permitted to increase a customer’s credit limit without obtaining their consent and will be required to disclose the annual loan rate in explicit terms. Digital lending apps will also be required to take prior explicit consent from customers before c

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